MIND YOUR GENERATION by ProQuest

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									                                            strategies to address them are a big      tion. Second, they need to look at the
                                            step ahead of the competition.            residents already in place and deter-
                                               “The hardest task to figure out is     mine their primary age group.
Knowing                                     who the primary market will be,”
                                            said Laurence Harmon, CPM®, CRE.
                                                                                         With that information in hand,
                                                                                      they can devise what the Harmons call
what makes                                  “Often, property managers will tell us    a “rifle” approach to marketing, rather

generations tick                            that they house residents of all ages.
                                            While that may be true, in the analysis
                                                                                      than the “nuclear weapon” methodol-
                                                                                      ogy that attempts to include every




TION
                                            of the property’s demographics, there     potential feature of the property in
                                            is always a primary age cohort.”          marketing efforts.
                                               Laurence Harmon is principal at           “Ads in rental magazines often have
                                            McGough Companies, a property             a blizzard of fonts, headlines, graph-
                                            development and construction firm         ics, photos, lists of amenities, prices
                                            in St. Paul, Minn. Kathleen Harmon        and maps,” Kathleen Harmon said.
is key to your                                            ®
                                            CPM, ARM , has been president             “That’s the opposite of what we’re

marketing and                               and CEO of McKenna Management
                                            Associates, Inc. for 25 years and is
                                                                                      trying to do.”
                                                                                         Generational marketing may sound
leasing success.                            CEO of Great Places, Inc., a Web-
                                            based resource for senior housing,
                                                                                      like a risky approach to some property
                                                                                      managers who fear that in using it,
                                            which the couple launched in 2007.        they may violate the Fair Housing
BY JANICE ROSENBERG                            The two wrote Marketing Residential    Act. Title VIII of the Civil Rights
                                            Properties: The Science and the Magic     Act of 1968 (Fair Housing Act), as
  Apartment Avaiable:                       (IREM, 2008), their fourth book, in       amended, prohibits discrimination in
  Newly rehabbed loft                       part to stimulate property managers       the sale, rental and financing of dwell-
  in a great location!                      and on-site personnel to intensify        ings, and in other housing-related
  Amenities include a swim-                 their marketing efforts even during       transactions, based on race, color,
  ming pool, fitness center party           significant slowdowns in the housing      national origin, religion, sex, familial
  room, dog run and new stain-              industry.                                 status…and handicap (disability).
  less steel appliances Close                  “The book expands the focus of         Marketing to a specific slice of the
  proximity to public                       residential advertising to include for-   population in no way implies that you
  transportation.                           sale marketing techniques,” Laurence      will rent only to that slice.
                                            Harmon said. “It recognizes that resi-       “Fair housing is involved with pro-
     All of these phrases sound like a      dent
								
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